- ISIN
- US02630Y1091
- CUSIP
- 02630Y109
- Issuer
- American Funds
- Inception Date
- May 17, 2012
- Category
- Municipal Bonds
- Min. Investment
- $250
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TEPAX Performance Chart
American Funds Tax-Exempt Preservation Portfolio (TEPAX) is up 0.4% since the beginning of the year. TEPAX is currently trading at $10 per share. Investors who bought $1,000 worth of TEPAX shares 5 years ago would now be looking at an investment worth $1,055.
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Returns By Period
American Funds Tax-Exempt Preservation Portfolio (TEPAX) has returned 0.40% so far this year and 2.38% over the past 12 months. Over the last ten years, TEPAX has returned 1.41% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
American Funds Tax-Exempt Preservation Portfolio
- 1D
- -0.10%
- 1M
- -0.63%
- 6M
- -0.42%
- YTD
- 0.40%
- 1Y
- 2.38%
- 3Y*
- 3.12%
- 5Y*
- 1.08%
- 10Y*
- 1.41%
- ALL TIME*
- 1.64%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TEPAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2013, TEPAX's average daily return is +0.01%, while the average monthly return is +0.14%. At this rate, an investment would double in approximately 41.3 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +3.1%, while the worst month was Nov 2016 at -2.5%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, TEPAX closed higher 28% of trading days. The best single day was Mar 25, 2020 with a return of +2.0%, while the worst single day was Mar 20, 2020 at -1.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.82% | 0.80% | -1.62% | 0.52% | 0.21% | 0.32% | -0.63% | 0.40% | |||||
| 2025 | 0.62% | 0.71% | -0.72% | -0.20% | 0.55% | 0.75% | 0.42% | 0.74% | 0.74% | 0.21% | 0.21% | 0.27% | 4.36% |
| 2024 | 0.02% | 0.08% | -0.04% | -0.64% | 0.00% | 0.92% | 0.94% | 0.79% | 0.73% | -0.84% | 0.82% | -0.65% | 2.14% |
| 2023 | 1.60% | -1.55% | 1.42% | -0.15% | -0.80% | 0.36% | 0.29% | -0.36% | -1.33% | -0.23% | 3.11% | 1.30% | 3.63% |
| 2022 | -1.75% | -0.26% | -1.79% | -1.39% | 0.81% | -0.44% | 1.25% | -1.25% | -1.70% | -0.08% | 2.06% | 0.18% | -4.36% |
| 2021 | 0.35% | -0.73% | 0.16% | 0.35% | 0.06% | 0.05% | 0.25% | -0.15% | -0.45% | -0.15% | 0.14% | 0.09% | -0.03% |
Benchmark Metrics
American Funds Tax-Exempt Preservation Portfolio has an annualized alpha of 1.51%, beta of 0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 02, 2013.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (7.88%) than losses (7.29%) - typical of diversified or defensive assets.
- Beta of 0.01 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.51%
- Beta
- 0.01
- R²
- 0.01
- Upside Capture
- 7.88%
- Downside Capture
- 7.29%
Expense Ratio
TEPAX has an expense ratio of 0.34%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TEPAX ranks 59 for risk / return — above 59% of mutual funds peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for American Funds Tax-Exempt Preservation Portfolio (TEPAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TEPAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.25 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 2.00 | -0.51 |
| Martin ratioReturn relative to average drawdown | 4.00 | 8.49 | -4.49 |
Dividends
Dividend History
American Funds Tax-Exempt Preservation Portfolio provided a 2.38% dividend yield over the last twelve months, with an annual payout of $0.23 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.23 | $0.23 | $0.23 | $0.19 | $0.10 | $0.09 | $0.14 | $0.18 | $0.17 | $0.17 | $0.21 | $0.23 |
Dividend yield | 2.38% | 2.39% | 2.44% | 1.96% | 1.11% | 0.87% | 1.44% | 1.79% | 1.72% | 1.79% | 2.22% | 2.36% |
Monthly Dividends
The table displays the monthly dividend distributions for American Funds Tax-Exempt Preservation Portfolio. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.01 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.11 | |||||
| 2025 | $0.01 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.23 |
| 2024 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.23 |
| 2023 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.19 |
| 2022 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.10 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.03 | $0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the American Funds Tax-Exempt Preservation Portfolio. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the American Funds Tax-Exempt Preservation Portfolio was 7.13%, occurring on Oct 25, 2022. Recovery took 444 trading sessions.
The current American Funds Tax-Exempt Preservation Portfolio drawdown is 1.21%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-7.13%Oct 2022 | 1y 8mo | 1y 9mo | 3y 5moFeb 2021 - Aug 2024 | Bear market2022 |
-6.47%Mar 2020 | 10d | 3mo 11d | 3mo 21dMar 2020 - Jun 2020 | COVID crash2020 |
-4.48%Sep 2013 | 4mo 2d | 7mo 13d | 11mo 15dMay 2013 - Apr 2014 | — |
-3.73%Dec 2016 | 4mo 27d | 9mo 1d | 1y 1moJul 2016 - Aug 2017 | — |
-2.17%Apr 2025 | 29d | 2mo 9d | 3mo 8dMar 2025 - Jun 2025 | 2025 selloff2025 |
Drawdown Indicators
| TEPAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.13% | -56.78% | +49.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -9.10% | +7.28% |
Max Drawdown (3Y)Largest decline over 3 years | -2.17% | -18.90% | +16.73% |
Max Drawdown (5Y)Largest decline over 5 years | -7.07% | -25.43% | +18.36% |
Max Drawdown (10Y)Largest decline over 10 years | -7.13% | -33.92% | +26.79% |
Current DrawdownCurrent decline from peak | -1.21% | -1.58% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -10.70% | +9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 2.14% | -1.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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